17:12B-219 - Joint powers with insurance corporation - New Jersey Statutes

17:12B-219.  Joint powers with insurance corporation    Upon its filing such election to assume and exercise such powers, the Federal Savings and Loan Insurance Corporation and the commissioner shall be vested jointly with the exercise of all of the powers, duties and authority conferred and imposed upon the commissioner pursuant to section 182 of this act.  All acts done by the commissioner in administering the affairs of such State association before the filing of such election by the Federal Savings and  Loan Insurance Corporation shall be binding upon the Federal Savings and Loan  Insurance Corporation;  provided, however, that any exercise of the powers  conferred by section 182 of this act, any appointment, employment, hiring,  retention, or compensation of legal or other personnel or assistance except as  to service performed entirely before the filing of such election, and, except  in the regular and ordinary course of business any sale or other disposition of  assets and any compromise or release, shall require the approval of the Federal  Savings and Loan Insurance Corporation to be effective, unless the Federal  Savings and Loan Insurance Corporation shall decline to assume and exercise the  powers conferred by this section.  All notices, citations, pleadings or other  documents, which under the provisions of said sections are authorized or  required to be filed with or served on the commissioner, need only be filed  with or served on the commissioner, but he shall promptly furnish the Federal  Savings and Loan Insurance Corporation with a copy of each such notice,  citation, pleading, or document filed with or served upon him, except where the Federal Savings and Loan Insurance Corporation shall waive or shall have waived, in writing, the furnishing of such copy;  provided, however, that failure of the commissioner to furnish such copy shall not affect the validity  of such filing or service.

     L.1963, c. 144, s. 219.